Government’s meddling in the healthcare business has been disastrous from the get-go.
Since 1910, when Republican William Taft gave in to the American Medical Association’s lobbying efforts, most administrations have passed new healthcare regulations. With each new law or set of new regulations, restrictions on the healthcare market went further, until at some point in the 1980s, people began to notice the cost of healthcare had skyrocketed.
This is not an accident. It’s by design.
As regulators allowed special interests to help design policy, everything from medical education to drugs became dominated by virtual monopolies that wouldn’t have otherwise existed if not for government’s notion that intervening in people’s lives is part of their job.
But how did costs go up, and why didn’t this happen overnight?
It wasn’t until 1972 that President Richard Nixon restricted the supply of hospitals by requiring institutions to provide a certificate-of-need.
This post was published at Zero Hedge on Mar 22, 2017.